Real Oil Price Plunge Pushes Major Producers to the Brink
The prices of actual barrels of multiple crude streams in Europe, Asia and Africa have plunged to as little as $5 a barrel, dragging down the entire physical oil market and Continue Reading
Summary of Weekly Petroleum Data for the week ending April 17, 2020
U.S. crude oil refinery inputs averaged 12.5 million barrels per day during the week ending April 17, 2020 which was 209,000 barrels per day less than the previous week’s average. Continue Reading
U.S. Shale Braces For Largest Ever Drop In Fracking Activity
The Covid-19 crisis combined with the oil price war is about to trigger the largest ever monthly drop in U.S. fracking activity The Covid-19 pandemic has ravaged global oil demand Continue Reading
Oil Lenders Might Hit the Brakes on Bankruptcies
Free oil won’t last. But it may linger long enough to persuade some creditors of bankrupt energy drillers to freeze their court fights awhile so they don’t wind up running Continue Reading
Historic Oil Rout Poised to Bust Shale
A historic crash in crude prices is driving U.S. shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% Continue Reading
Bankruptcy looms over U.S. energy industry, from oil fields to pipelines
U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads and a dual supply/demand shock in the worst Continue Reading
A Massive Wave Of Shut-Ins Fails To Halt Oil Price Crash
With the physical oil market coming apart at the seams, traders have begun to realize that we are a lot closer to full storage capacity than previously thought. As a Continue Reading
Ships, trains, caves: Oil traders chase storage space in world awash with fuel
Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to Continue Reading
Oil Traders Are Scrambling to Book Tankers for Storage
A Journal survey of 16 tanker owners and data from brokers showed about 100 of the world’s 815 very large crude carriers, each of which can hold around 2 million Continue Reading
Texas Railroad Commission defers proration decision until May 5 meeting
The Texas Railroad Commission adjourned a webcast public meeting Tuesday without voting on whether to implement prorationing the state’s production, instead deferring a decision until next month. Receive daily email Continue Reading
Trump says US will offer oil, gas sector relief from market collapse
Oil futures appeared to shrug off President Donald Trump’s promise Tuesday to develop a financial rescue package for oil and gas producers after Monday’s staggering selloff amid plunging demand and Continue Reading
Trump Administration Weighs Aid for Oil Companies
The Trump administration is considering offering federal stimulus funds to embattled oil-and-gas producers in exchange for government ownership stakes in the companies or their crude reserves, according to people familiar Continue Reading
Halliburton Slashes Spending to Brace for Demand Declines
Halliburton Co. is cutting spending, salaries and jobs as the fracking behemoth navigates what is shaping up to be the worst-ever oil bust. The company set full-year 2020 capital outlays at Continue Reading
Halliburton books $1.1 billion charge, slashes spending by 50%
U.S. oilfield services giant Halliburton ( HAL.N ) on Monday reported a $1 billion first-quarter loss on charges and outlined the largest budget cut yet among top energy companies as Continue Reading
$0 Oil Forces Canada To Shut Down Crude Production
Canadian oil companies have begun shutting down steam-driven oil sands production projects as prices continue to fall, Reuters reports , noting the move could have dire long-term consequences for the Continue Reading
A hunt for any storage space turns urgent as oil glut grows
The telephone lines have been ringing at Adler Tank Rentals in Texas as oil companies found a new use for steel tanks that had been left idle when shale producers Continue Reading
Trump reiterates plan to fill US SPR, but legislative outlook remains uncertain
US President Donald Trump said Monday he still plans to fill the Strategic Petroleum Reserve to take advantage of record-low oil prices, but he gave no new details on how Continue Reading
How Much Oil Storage Is There? Vopak Says Tanks Are Almost Full – Bloomberg
The world’s biggest independent oil storage company said that space for traders to store crude and refined fuels has all but run out as a result of the fast-expanding glut Continue Reading
Oil Autocrats Are Struggling To Keep Their Power
This week began with a bang for the oil markets. On Sunday the members of OPEC+ struck a historic deal to slash production by a whopping 9.7 million barrels in Continue Reading
The Surprising Winners And Losers Of The Global Oil Glut
Despite the historic OPEC+ production cut deal, available oil storage capacity around the world is running thin as global oil demand continues to crumble amid lockdowns and travel restrictions in Continue Reading
Ten Years After Deepwater Horizon, U.S. Is Still Vulnerable to Catastrophic Spills
Shortly before 10 p.m. on April 20, 2010, an explosion ripped through the Deepwater Horizon drilling rig in the Gulf of Mexico, unleashing the worst offshore oil spill in United Continue Reading
10 years after BP spill: Oil drilled deeper; rules relaxed
Ten years after an oil rig explosion killed 11 workers and unleashed an environmental nightmare in the Gulf of Mexico, companies are drilling into deeper and deeper waters, where the Continue Reading
Saudi Arabia, Russia Hint at Further Action to Stem Oil Rout
Saudi Arabia and Russia signaled they may be open to further output cuts after the latest OPEC+ deal to curb global oil supplies failed to stem crude’s downward spiral. The two Continue Reading
Half of announced North American oil cuts come from just three companies
Numerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies – Chevron Continue Reading
Flotilla of Saudi Oil Threatens to Worsen U.S. Supply Glut
A fleet of tankers full of Saudi oil is slowly making its way to the U.S. Gulf Coast, threatening to worsen an already historic oversupply of crude. The Saudi crude, Continue Reading
U.S. Drillers Shed 260 Rigs In Five Brutal Weeks
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 73, falling to 529, with the total oil and Continue Reading
Schlumberger sees 40% capital spending cuts in North America
Industry leading oilfield service firm Schlumberger sees North American producers cutting their capital spending by 40% in 2020 compared to roughly 15% cutbacks internationally as independent shale firms move more Continue Reading
Big Banks Pull Financing, Prepare To Seize Assets From Collapsing Oil and Gas Industry
The finances of the oil and gas industry are so dismal that the major banks that have funded the money-losing fracking boom are now exploring taking the unusual step of Continue Reading
Canadian Oil Sands Per Barrel At $4.47, Now Cheaper Than 12-Pack Coke, $5.08
The collapse of global oil demand has impacted the price of Canadian Oil Sands to such a degree, the price of a barrel is now cheaper than a 12-pack of Continue Reading
Rystad Lowers Production Outlook For Shale By 2.15 Million Bpd
Rystad Energy had been projecting an increase in US shale production of 650,000 bpd by the end of this year, but recent developments have caused it to take a more Continue Reading
Noble Energy Cuts US Onshore Capex, Realigns Staff
The furlough program and part-time work status actions impacted more than 30 percent of the company’s US workforce. Noble Energy Inc. Chairman and CEO David L. Stover says the company’s Continue Reading
Oil Collapse Drags the Whole Service Industry Down With It
No one is feeling the pain of an oil collapse more than the shale producers. Except, perhaps, their suppliers. Take Stacy Locke, chief executive officer for Pioneer Energy Services Corp. Continue Reading
ConocoPhillips to curtail 225,000 boe/d of oil output in response to low prices
ConocoPhillips said Thursday it will cut back its 2020 spending and production volumes more dramatically, slicing its capital spending by 35% and removing a total of 225,000 boe/d from its Continue Reading
Coronavirus Has Wiped Out A Decade Of Oil Demand Growth
Just days after the largest production cut in history, WTI fell below $20 per barrel. The oil world was hyper-focused on what OPEC+ might do over the past week, and Continue Reading
Oil Is Still in Serious Trouble Even After OPEC+ Intervention
Just days after OPEC and its allies announced their big deal to rescue the global oil industry, it’s becoming brutally clear that all they’ve done is limit the worst of Continue Reading
Saudi Energy Minister: Global Oil Cuts Could Reach 20 Million Bpd
Global oil production cuts could end up rising to 20 million bpd, including forced reduction of output such as already underway in the United States, the Saudi Energy Minister, Abdulaziz Continue Reading
Cheap Gas Available Across U.S., But Few People Are Buying
In Fargo, North Dakota, cheap fuel has never been so unwelcome. The Midwestern city is so awash in gasoline, the fuel last week sold for a record 12 cents a gallon Continue Reading
API Urges RRC to Avoid Oil Market Intervention
The American Petroleum Institute (API) has urged the Texas Railroad Commission (RRC) to avoid intervening in oil markets. “U.S. producers in Texas and across the country have already reduced production Continue Reading
Big Banks Set To Seize Shale Oil Assets
Only weeks ago, scores of rating agencies sounded the alarm that the coronavirus credit crunch would set in motion a wave of corporate bankruptcies that would make the 2008 credit Continue Reading
Many Shale Companies Are Already On The Brink Of Bankruptcy
OPEC may have reached a deal to cut 10 million bpd, but for many U.S. shale producers, it is too little, far too late. Much ado has been made about Continue Reading
Texas Oil Drillers Can’t Agree On Output Cuts
OPEC+ and large producers such as Canada, Norway, Mexico and Brazil came to an output cut agreement this weekend, but a coordinated output reduction in the United States isn’t likely Continue Reading
Enterprise Pipeline Offers Oil Route To Cushing Storage As Glut Grows
Enterprise Products Partners is opening the northbound capacity of its Seaway pipeline, offering U.S. oil producers struggling to place their oil near the Gulf Coast to ship their barrels to Continue Reading
Analysis: US crude stocks see largest-ever build amid record-low product demand
US crude inventories surged higher last week as refiner demand plummeted in the face of a historic slowdown in refined product demand, US Energy Information Administration data showed Wednesday. US Continue Reading
U.S. Weighs Paying Drillers to Leave Oil in Ground Amid Glut
The Trump administration is considering paying U.S. oil producers to leave crude in the ground to help alleviate a glut that has caused prices to plummet and pushed some drillers Continue Reading
Oil Market Report – April 2020
Global oil demand is expected to fall by a record 9.3 mb/d year-on-year in 2020. The impact of containment measures in 187 countries and territories has been to bring mobility Continue Reading
Oil Demand Projected to Fall by Record Amount
Global oil demand is expected to fall by a record 9.3 million barrels a day this year as government-implemented lockdowns keep the economy at a near standstill, the International Energy Continue Reading
IEA expects 2020 global refining throughput decline on ‘sharply’ reduced demand
The International Energy Agency said Wednesday that it expects global refinery throughput to decline by 7.6 million b/d this year to 74.3 million b/d “on sharply reduced demand for fuels.” Continue Reading
Fujairah data: Oil product stocks climb to highest since record in February
Volumes of oil products held in storage at Fujairah climbed to their highest since the all-time high seen in February as tumbling demand from the coronavirus pandemic left more supplies Continue Reading
Shale Giants Clash Over Oil-Production Cap to Survive Rout
One of the biggest Texas shale explorers warned it will halt all drilling if the state imposes OPEC-style production caps, raising the stakes in a debate over a contentious proposal to Continue Reading
U.S. May Help Oil Producers By Offering Storage Space In SPR
The U.S. Department of Energy is negotiating contracts with nine U.S. oil producers to store a total of 23 million barrels of their produced oil in the Strategic Petroleum Reserve Continue Reading